A nice little abstract from a very smart guy http://faculty.chicagobooth.edu/john.cochrane/research/papers/stimulus_rip.html Well worth the read.
I don't really blame Obama for that quote. He was playing politics. If McCain were in the White House right now, he'd say much the same thing. Obama's problem is that he's refusing to admit the 2010 elections occurred, and elections have consequences. Like it or not, he has to deal with the GOP, and they were elected on the promise they wouldn't raise taxes. They're not going to vote for a tax increase and whatever bill passes is going to have to pass the House. The obvious compromise is to raise the debt ceiling with a dollar for dollar raise (or more) in the budget. It gives us the room to pay our bills in the short term while putting us on a path toward fiscal sanity.
To me, I think we need to raise the debt ceiling this one last time to protect government investors. There really hasn't been time to develop a bipartisan plan since the last election. Then, once we have secured the deficit for another year, work making the cuts and hopefully switch to a flat tax so as to right the sinking ship.
Is it asking too much to expect a budget one of these years? As it is now, it's spendspendspend until we get near the debt ceiling, with absolutely no restraint needed because there is no federal budget.
He's been playing politics all his life. It's the only thing he knows how to do. Except this quote is going to bite him in the ass big time. It's hard to stand in front of the American people with a straight face and tell them it's vital to raise the debt limit when just a few years ago he called it an example of "reckless government spending."
The racists show their colors by once again condemning Obama for emulating Bush and the Republican Party. Majority Leader Eric Cantor, Senate Minority Leader Mitch McConnell, and Senate Minority Whip Jon Kyl. ThinkProgress compiled a breakdown of the five debt limit increases that took place during the Bush presidency and how the four Republican leaders voted: June 2002: Congress approves a $450 billion increase, raising the debt limit to $6.4 trillion. McConnell, Boehner, and Cantor vote “yea”, Kyl votes “nay.” May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve. November 2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve. March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve. September 2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve. After squandering/pilfering a record surplus left by Clinton, Republicans raised the debt limit nearly 4 trillion $ over 5 years time. How much "wiggle-room" is Obama asking for to clean up their mess?
August 2nd default date, August 3rd 50th birthday bash/fundraiser in Chicago for Barack for a mere $35,800/couple! Coincidence?
Since Barack claimed today that 80% of the American people support higher taxes, why didn't our pResident genius explain to that 80% that the can voluntarily contribute as much of their income as they please to the gubmint? Also, why did Barack claim deductions in his 2010 taxes if he is gung-ho about increasing tax revenues?
Unlikely. I'm sure his mother delayed birth of Barack so that he'd be born 2 days after an arcane default date, because that's just good politics!
No kidding, like if he wants to stop world hunger why is he eating? Why not give away all youre own food to the hungry? He obviously doesn't care at all about world hunger.
"We need to raise our debt ceiling and raise taxes. After that's done, let's all of us rich folk fly to Chicago and have a fundraiser for me!" It's amazing how many average people willingly swallow this type of hypocrisy and think the guy gives a shit about them.
Stupid red herring. People can contribute as much of their income as they want to the government, up to 100% if they please. Instead, even Barack finds loopholes to lower his own tax responsibilities. What that has to do with world hunger seems to only exist in your mind. I call bullshit on 80% of the public wanting higher taxes, anyhow.
http://blogs.dailymail.com/donsurber/archives/37972 http://pajamasmedia.com/tatler/2011...bama-and-i-just-make-stats-up-out-of-nothing/
Really, the best thing that could happen is debt default A further severe shock to the US and world economy is required
Default can't and won't happen. We're legally obligated to pay our debts first, and we have enough money to cover it.
